Beyond 100% ownership of the operating rights, AEG Presents COO and executive vice president Shawn Trell told Crain's the deal marks a 50/50 ownership split of the property with Chris Zitterbart, who has operated the Agora the past four years. Zitterbart partnered with the Agora after the site of his prior venue, Peabody's Concert Club, was taken over by Cleveland State University.

"The opportunity to work with AEG Presents and to have them enter the Cleveland music scene is significant," said Zitterbart in a news release. "They represent the best of having not only the resources necessary to grow the business, but because they also remain independently and privately owned they can afford to be patient and do things the right way. That combination bodes well for the future of the Agora Theatre and the types of shows they will bring to this market."

The deal marks the first physical presence for AEG in Ohio, which promotes itself as one of the largest music companies in the world, booking some 10,000 events annually worldwide. Although this is AEG's first time owning property in the state, the company has been an active booker of shows at the Agora. AEG has also put on Columbus' Rock on the Range event for the past decade and the Buckeye Country Superfest for the past three years.

Being quite familiar with the Ohio market, Trell said the Agora has been on AEG's radar for quite awhile. He said AEG has talked with representatives at the Agora twice over the past decade about a partnership, "but it just never seemed to be the right time" to make a deal.

"Then Chris and I connected about a year ago and we started having some conversations talking about the future of the Agora," Trell said.

"The venue has a history and we like that," Trell added. "We like a venue with great bones. This has that. It's laid out really well. And it's got a legacy – many marquee names have played there over the years. And the size of the venue appeals to us."

The Agora — with a capacity of 2,000 in the theatre and 600 in the ballroom — opened in 1966 under founder Henry "Hank" LoConti Sr. Through the 1970s and 1980s, LoConti booked, and provided exposure to, bands and artists like Bruce Springsteen, U2, Lou Reed, Patti Smith, The Clash, Duran Duran and ZZ Top.

It was that time period that helped establish both LoConti and the Agora as legends in the Cleveland music scene.

The partnership means AEG will be investing heavily in the Agora facility, Trell said, noting there'll be "at least a seven-figure commitment."

It's a "process" to evaluate exactly where capital will go and how much, he added, declining to put a specific figure on how much investment the venue will see.

Some of the work will be structural improvements the public probably won't notice, like improving electrical and plumbing systems. Renovations to the bars, concessions and operations are certainly in mind, and "there will be air in here," Trell said. Other improvements should touch acoustical designs, lighting, sound, hospitality spaces, dressing rooms and guest amenities.

"I will say affirmatively that what we will do will be meaningful in terms of both scope as well as the magnitude of the investment," Trell said. "And it will be done tastefully and thoughtfully with the desired end result of having this venue around for another 50 years while we improve upon and enhance the experience here for fans and artists alike. We're looking to maintain and preserve the history and legacy of the room, but improve upon it without changing its character."

The partnership with the Agora follows AEG's buying a stake in The Bowery Presents venue in New York City and 100% of the operating business. That deal, finalized in late January, makes them the No. 1 promoter there, Trell said.

The Agora ties in with similarly sized venues AEG has across the country, which means the company can include those in making offers to bands to play multiple locations instead of one-off shows at the Agora. That could influence the kinds of performers the Agora could attract.